Formation Development Group Breaks Ground in Houston, Texas. 158 Unit Development to Bring Luxury Senior Living to Cinco Ranch in Katy, Texas.
Formation Development Group |
Houston, TX - Formation Development Group announces the ground breaking of The Solana at Cinco Ranch. When complete in the third quarter of 2009. the project will feature concierge services, mutiple dining venues, a wine bar, and a terrace club activity room, among other amenities. The development of The Solana at Cinco Ranch marks the first time that independent living for seniors, along with assisted living, is being provided in the fast-growing master planned community in West Houston. Its developer, Formation Development Group, says research shows strong demand by Cinco Ranch residents seeking luxury senior living accommodations for themselves or for their aging parents.
The Solana at Cinco Ranch will be located at 24001 Cinco Village Center Boulevard in Katy, Texas, next to LaCenterra, Cinco Ranch’s Main Street-styled center of shops, boutiques, and restaurants. It will offer 126 independent living and 32 assisted living rental apartments.
Independent living accommodations will include one bedroom, one bedroom plus den and an extra half bath, and two bedroom two bath apartments. All independent living accommodations will include walk-in closets, high-end finishes, and full kitchens with granite countertops. Many will have studies or home offices, balconies or patios, and some will offer private courtyards, private garages or carports.
Assisted living residents can choose from studio, one- and two-bedroom apartments with kitchenettes. Every apartment at The Solana at Cinco Ranch will be equipped with a wireless emergency call system, individual climate control, and television, phone, and data cabling. In all, the community encompasses 183,000 square feet; it will be a combination four-story and two-story structure.
“As important as its attractive physical design is the spectrum of included amenities and services that each resident will receive,” said Mark Spiegel, president of Formation Development Group, which has developed a variety of senior living communities nationwide.
“We’ve designed The Solana at Cinco Ranch lifestyle to complement what Cinco Ranch is all about,” Spiegel said. “We’ve paid close attention to incorporating special features that we know are important to today’s seniors and their families.”
Cuisine will be chef-prepared and dining venues will range from The Signature, a high-end restaurant-style dining room, to a cafe and wine bar, patio dining, and a club room with billiards, large screen televisions and an outdoor terrace. A cyber center, high-speed internet, theater, woodworking shop, art studio, Wii video game center, and concierge services and security are among the community’s many amenities.
Health, fitness, and activity programs are also a major focus. Wellness programming will be overseen by a Registered Nurse and the community will offer a fitness center, a wellness and therapy center, a spa with massage therapy, and landscaped courtyards featuring an easy-entry heated pool, a putting green, and a bocce court.
Luxury sedan and community bus transportation services will be available to residents, along with transportation by golf cart to shopping, dining and entertainment at LaCenterra.
Spiegel says market research shows strong demand for the kind of luxury senior living that The Solana at Cinco Ranch will offer. “Many Cinco Ranch residents wish to remain here in retirement while continuing to enjoy the upscale, convenient way of life that’s emblematic of Cinco Ranch as a whole,” he said. “In addition, a number of people who live in Cinco Ranch are interested in having their parents relocate near them and they want to be sure their parents experience the Cinco Ranch lifestyle, too. We’re very proud to fulfill these needs.”
Monthly rents will start at $2,795 for independent living and $3,995 for assisted living. An onsite leasing office is scheduled to open by late this summer and the community is expected to open in September, 2009. For more leasing information or other details, call (281) 395-9600 or visit www.thesolana.com.
The Solana at Cinco Ranch will be managed by The Arbor Company, an Atlanta-based firm with more than two decades of experience in managing senior living residences. Project debt financing is being provided by Texas-based Guaranty Bank. The general contractor is Spawglass Construction Corp of Houston. Architectural services are provided by Three Architecture of Dallas, and the interior designer is StudioSIX5 of Austin, Texas.
The Solana at Cinco Ranch is the first project in a new joint venture relationship between Formation Development Group of Alpharetta, Georgia and a US-based institutional investment firm. The equity firm, along with Formation Capital and the principals of Formation Development Group, have committed $56 million of equity to the program.
